Elder Law Attorney The Miller Elder Law Firm explain the different types of trusts. If you or someone you know needs assistance setting up a trust, contact The Miller Elder Law Firm today.
“There are all kinds of trusts. A trust is just a document. It’s a set of instructions basically that says, ‘I’m going to take my money and I’m going to hold it.’ The trustee is the person who holds the money and follows whatever directions are in the trust.
There are revocable trusts where you can put money in the trust now and then change your mind and take it out. A lot of times that happens. People want to have their money in trust and have it managed by someone when they become incapacitated and then direct where the money will go when they die.
There are irrevocable trusts where once you put the money in, you can’t get it back out. That’s a completed gift for IRS purposes and sometimes people will do that for a state tax planning reasons.
There are also special needs trusts where we can setup a special trust for someone who is disabled either using their own money or using a family member’s money and still allow that individual to be qualified to receive government benefits, but also receive the benefits of the money that is in trust to enhance the quality of their life.
There are all kinds of trusts depending on your situation and what your goals and needs are.”
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